All Forum Posts by: L R Wadsworth

What financing options would I have if I wanted to purchase land adjacent to my home without building improvements on it? I basically want to keep a natural area and add to the amount land I live on. This is agriculture property that has been untouched for 20+ years so there is no timber worth cutting or pastures to work to supplement our income at the moment. The area is 15+ acres up to 100 acres, my choice on the size. There is not a lot of good info to be found on raw land financing. I know cash is king on these types of purchases (I have some to put towards a loan), but what do people do to afford something like this?

@Janne Zaccagnino how is the build to rent project going?

@Danny Hinkle, I glad I’m not the only one in this boat lol! I’ve been trying for over 10 years now to convince my wife that real estate is a good thing. I’ve been working for builders in new residential construction since ‘99 and have held a residential builders license since ‘04. We live in a strong sales and rental market, so I’m not sure why she’s so adamant against the idea of building or investment property ownership. Maybe one day I’ll figure out a way because using our home for a loan is definitely out... I hope you have better luck than me.

There isn’t much mention of spec home building on here. It seems that builders are building and selling specs everywhere and doing well at it. Most of this type building is being done by large or well established builders that only build on property that is developed by themselves. Very few homes outside of the new neighborhoods or scatter site spec homes are available for those that don’t want a neighborhood setting. Is spec home building on a small scale too much of a risk as a supplemental income for someone (if they’re qualified for the task) that wants to dabble in a construction building business?

Just a quick update. I still have the lots and they’re still for sale. I’ve changed realtors to put a different look on the land and am getting the same result of crazy low ball offers. Maybe someday I’ll get a decent offer or come up with an idea to make something of the property.

As a superintendent for a production and semi custom builder I'm expected to be as organized as possible. I'm very much old school when it comes to calandars and home specs in paper form. I'm curious to know if there are any specific apps for the iPad or iPhone that is being used in scheduling start dates, target finish dates, sub management, homeowner appts, etc... I see the need to be more modern with my organizational skills, but will always have the good ol trusty pen and paper handy! 

@Christopher Bunge and @Shaine Cobb Christ Central pretty much owns half of Wagener. They've approached a few property owners that I know asking to donate their house or land as a tax write off. I appreciate their mission and understand they operate on a limited budget, but I don't need a tax write off. The general opinion of the good folks in Wagener about this organization is either good (from the beautification of the town) to bad (in which they don't add much to the economy based on taxes). I'd very much like some sort of financial gain from the property being that it has been family owned for several decades and in my possession for a few years. It was brought up by two different lenders that CC adds risk to the investment value in Wagener. The town is not growing at all and private ownership is on the decline from donations to CC. Wagener is a rental town for working family's that are split between Aiken and Columbia. Home values are low and a spec would just get beat up on the selling price. A rental investment or a tiny home could/would do well if my finances were available for that type of funding. It was a dream of mine to be a tiny home or affordable home builder and I saw the light when I inherited the property, but have been discouraged with the research and opinions of other people. I've held my residential builders license for over ten years now and have not needed it to build anything... I've always worked in supervisory positions for other builders and have not been able to build my own portfolio or reputation with lenders or investors as a reliable builder. Basically spinning my wheels until I figure out how to realize my dream. These lots were my ticket until my ideas got shot down. My best bet would likely be to hold and wait because selling vacant land/lots isn't working out and maybe build later. Ideally, they would sell to help fund a small building lot in North Augusta, Beech Island, or Aiken area. 

 I actually did this to some degree... I know all the neighboring property owners well enough to approach them with a purchase option. One was interested in one lot at a crazy low price of $1000, which would then have to be surveyed out and would reduce the value of the whole parcel. The other offer was way below what the property is worth. I let it be known that I was looking at all options to invest into the property meaning that it would be excellent low income housing or rentals. 

 I've listed them for sale and have had no success in any offers that I'd consider. The taxes are $200ish a year, but I really don't want to pay into that forever without any return or idea in how it can work for me. 

 I've had issues with renting a lot as a mobile home space. The renter was able to squeeze one year of non payment before I could do something... The laws seem to be more lenient with tenants than landlords in situations like that.